Scatec recognised with ‘A’ score for transparency on climate change

Source: press release, 13 December 2022

Scatec CEO Terje Pilskog
Scatec CEO Terje Pilskog (photo: Scatec/Marthe Haarstad)

Scatec ASA, a renewable energy company in emerging markets, has been recognised for its leadership in corporate transparency and performance on climate change by global environmental non-profit CDP, securing a place on its annual “A List”.

Based on data reported through CDP’s 2022 Climate Change questionnaire, Scatec is one of a small number of companies that achieved an “A” – out of nearly 15,000 companies scored.

CDP’s annual environmental disclosure and scoring process is widely recognised as the gold standard of corporate environmental transparency. A detailed and independent methodology is used by CDP to assess these companies, allocating a score of A to D- based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets.

“We are proud and excited to be included once again in CDP’s ‘A list’ and being recognised with the highest score for the third consecutive year. If the world is to succeed in meeting our global climate targets, we need a massive scale up of renewable energy solutions. No matter how far off the carbon-free target may feel at this point, we need to keep pushing, to ensure that we make that crucial energy transition and treat the real planetary health problem we face. Today’s recognition is further testimony to our daily efforts and strategy for environmental actions,” says Scatec CEO Terje Pilskog.

“2022 was an eventful year with several important actions to raise our climate ambitions. We committed our climate targets to the Science Based Targets Initiative (SBTi), developed lifecycle emissions tools, explored pilot projects to reduce our direct emissions, and continued focused engagements with key suppliers on their climate efforts and targets,” says Julie Hamre, VP ESG Reporting & Strategy.

Maxfield Weiss, Executive Director, CDP Europe says, “CDP saw nearly 20,000 companies disclose environmental data this year, including 70% of European companies by market value. COP27 showed the need for transformational change is more critical than ever if we are to limit warming to 1.5° C. I’m therefore delighted that European companies make up nearly half of all A List companies around the world. We must cut emissions by half and eliminate deforestation by 2030, alongside achieving water security on the same timescale – there is no route to 1.5° C without nature.”

“With the EU’s ground-breaking new reporting regulation, the CSRD, now agreed, CDP A List companies are showing they are ahead of the game – taking clear action to reduce emissions and to address environmental impacts throughout their value chains. This is the type of environmental transparency and action we need economy-wide to prevent ecological collapse,” Weiss continues.